PROSPECT AREA FORECLOSURES
The City of Prospect is located in the beautiful rolling hills between Jefferson and Oldham Counties. It is one of the few cities in Kentucky that crosses county lines. Prospect is listed as a Third Class city in the Commonwealth of Kentucky's city designation system. This means it has its own police department, city services and zoning issues.
Click here to search for foreclosure properties in the Prospect area.
Foreclosure: Nuts and Bolts
For lenders, foreclosure is the last resort - one they wish to avoid if at all possible. They may be open to other options - ones that can help you avoid foreclosure and the drastic effect on your credit.
Foreclosure Process
1. Loan originates
2. Borrower falls behind in payment
3. Lender attempts to correct with notices, letters and telephone calls.
4. Debt gets further in arrears; lender decides to foreclose on the property.
5. Bank´s attorney files foreclosure action with the county clerk or recorder´s office.
6. Notice of default lets people know the foreclosure is pending.
Three Basic Types of Foreclosure
1. In non-judicial foreclosure, no court action is needed. As soon as the loan is in default, the lender can exercise the power of sale clause and take the property back.
2. In a judicial foreclosure, the courts oversee the process.
3. In a strict foreclosure, the lender dictates the terms.
Foreclosure Options
1. Sell the property.
2. Get refinancing. Owner generally needs 30% equity to do this.
3. Raise own funds.
4. Deed in lieu of foreclosure.
5. Short sale.
6. Walk away (not recommended).
7. Lender workout.
Wondering about foreclosure options?
Here´s a list of sites you can view to help determine if foreclosure is the best option:
1. Housing Not-for-Profits: Homeownership Preservation Foundation
The National Fair Housing Alliance
Center for Responsible Lending
Homefree Funding
2. Government Agencies: Department of Housing and Urban Development
HUD Housing Counseling
3. Government Sponsored Enterprises: Fannie Mae www.fanniemae.com
Freddie Mac www.freddiemac.com
If you´ve missed payments - or are on the verge of doing so - don´t waste any time. Call me today! I have the specialized training to help you navigate the rough waters of today´s economy. I promise to work with you to arrive at the best possible outcome for your particular circumstances.